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DECISION No

DECISION No. 891/QD-TTg OF SEPTEMBER 20, 1999 ON THE INVESTMENT PROJECT OF SAIGON RIVER BANK TOURIST AND ENTERTAINMENT RESIDENTIAL QUARTER IN HO CHI MINH CITY

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of September 30, 1992;

Pursuant to the Government�s Decree No. 52/CP of July 8, 1999 promulgating the Regulation on Investment and Construction Management;

Considering the proposal of the People�s Committee of Ho Chi Minh City (in Official Dispatches No. 1798/CV-UB-QLDA of May 14, 1999, No. 3388/CV-UB-QLDA of August 18, 1999) and the evaluation opinions of the Ministry of Planning and Investment (in Official Dispatch No. 5621 BKH/VPTD of August 26, 1999) concerning the investment project of Saigon River Bank Tourist and Entertainment Residential Quarter in Ho Chi Minh City,

DECIDES:

Article 1.- To approve the investment project of Saigon River Bank Tourist and Entertainment Residential Quarter, Ho Chi Minh City, with the following main contents:

1. Project�s name: The investment project of Saigon River Bank Tourist and Entertainment Residential Quarter in Ho Chi Minh City.

2. Investment objectives: To make investment in building an urban complex comprised of diversified residential houses, public utilities, a trade center, and service facilities in order to meet the people�s demand and to contribute to creating the Saigon River landscape and completing the urban development according to the Ho Chi Minh City�s master plan.

3. Investor: The Binh Thuan District Housing Management and Development Company under the Saigon Real Estate Corporation.

4. Construction site and land occupancy area:

The construction site will be in Ward 25, Binh Thuan district, Ho Chi Minh City.

Land occupancy area: The land area under construction will be 21 hectares.

The specific boundary and location shall be determined by the Ho Chi Minh City People�s Committee in line with the detailed zoning of the area.

5. Project scope:

- Residential villas: 194 foundations;

- High-class condominium: 212 apartments, 12-storey, a floor area of 21,600 m2;

- Adjacent houses: 56 foundations;

- Condominium: 318 apartments, 6-storey, a floor area of 32,652 m2;

- River bank rest and recreation club: a land area of 6,500 m2, one-storey;

- Crech and kindergarten: 2-storey, a floor area of 1,512 m2;

- A general education school: 3-storey, a floor area of 4, 166 m2;

- Technical infrastructure system: intra-complex path, electricity supply, water supply, drainage system within the project area shall be in harmony with the residential houses and closely linked to the public system;

- The trade service center: 15-storey, a construction area of 2,500 m2, a floor area of 37,000 m2;

- The high-rise office building with high-class apartments: 30-storey, a construction area of 2,500 m2;

- The high-class hotel area: a 15-storey block, a 25-storey block, a 30-storey block, a construction area of 2,500 m2.

6. Implementation management: The investor shall be responsible for the technical infrastructure and the right to transfer the use of land with infrastructure; the residents shall build their houses on their own according to the overall planning; the construction of the high-class condominium, the 6-storey condominium, the crech and kindergarten, the school, the entertainment club, and tree planting shall be effected through joint ventures or sub-investors who shall be called for to invest in constructing the hotel, office building and trade center.

Investment plans for such construction items as the trade center, the office building, high-class condominium, and the hotel shall be drawn up, submitted and decided according to regulations currently effective at the time of investment.

7. Project implementation duration: 5 years.

8. Total investment capital and capital sources:

- Total investment, excluding investment in building the trade center, hotel, office building, and high-class condominium, shall be approximately 252,790 million VND (two hundred and fifty two billion seven hundred ninety million VND)

- Capital sources: as proposed by the Ho Chi Minh City People�s Committee:

+ Investor�s own capital;

+ Capital of units which shall jointly operate the project;

+ Capital advanced by clients and constructors;

+ Bank loans.

9. Mode of organizing the implementation of investment: according to current regulations.

Article 2.-

1. The president of the Ho Chi Minh City People�s Committee shall be responsible for guiding the investor to observe the State�s regulations in the course of investment, management and commercial operation of the project.

2. The Binh Thanh District Housing Management and Development Company of Ho Chi Minh City as investor shall be responsible for making investment in line with the prescribed contents. The mobilization of clients� capital, bank loans, and the calling of sub-investors for the project implementation should strictly comply with relevant current regulations in this field.

Article 3.- The ministers of: Planning and Investment; Construction; Finance; and Science, Technology and Environment, the State Bank Governor, the General Director of Land Administration, the president of the Ho Chi Minh City People�s Committee and the manager of the Binh Thanh District Housing Management and Development Company under the Saigon Real Estate Company shall have to implement this Decision.

For the Prime Minister

Deputy Prime Minister

NGO XUAN LOC